The pair Canadian Dollar to US Dollar USD/CAD completes the trading week near the level of 1.3384. The pair continues to move within the bullish channel. Moving averages indicate an uptrend. At the moment, we should expect an attempt to reduce and test the support level near 1.3175. Then, the growth of quotations with the goal above the level of 1.3875.
USD/CAD Forecast and Analysis April 8 — 12, 2019
The test of the support line on the indicator of relative strength index (RSI) will be in favor of raising the USD/CAD currency pair. The second signal will be a rebound from the lower boundary of the bullish channel. The cancellation of the growth option of the USD/CAD quotes in the current trading week of April 8 — 12, 2019 will be a fall and a breakdown of the 1.2945 area. This will indicate a breakdown of the lower boundary of the channel and the continuation of the fall in the area below 1.2675. Confirmation of the growth of the pair will be the breakdown of the resistance area and the closure above 1.3535.
Important news from Canada that may affect the Canadian Dollar rate is worth highlighting: Consumer price index.
USD/CAD Forecast and Analysis April 8 — 12, 2019 implies an attempt to test the support area near the level of 1.3175. Further, the continuation of growth with the goal above level 1.3875. An additional signal in favor of the rise will be the test of the trend line on the relative strength index (RSI). Cancellation options for the upward trend will be the fall and the breakdown of 1.2945 area. This will indicate a breakdown of the lower boundary of the channel and a continued decline in the pair.
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